Smart Grid Observer

Smart Grid Observer

IEA: Offshore Wind to Become a $1 Trillion Industry

Source: Smart Grid Observer

October 28, 2019 -- Offshore wind power will expand impressively over the next two decades, boosting efforts to decarbonise energy systems and reduce air pollution as it becomes a growing part of electricity supply, according to an International Energy Agency report published recenty (10/5).

Offshore Wind Outlook 2019 is a comprehensive global study on the subject, combining the latest technology and market developments with a specially commissioned new geospatial analysis that maps out wind speed and quality along hundreds of thousands of kilometres of coastline around the world. The report is an excerpt from World Energy Outlook 2019, which will be published in full on 13 November.

The IEA finds that global offshore wind capacity may increase 15-fold and attract around $1 trillion of cumulative investment by 2040. This is driven by falling costs, supportive government policies and some remarkable technological progress, such as larger turbines and floating foundations. That’s just the start – the IEA report finds that offshore wind technology has the potential to grow far more strongly with stepped-up support from policy makers.

Read full story here

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